POST UTME VERITAS UNIVERSITY 2017 Economics | Objective

Practice these randomly selected questions to test your readiness.

Question 1
Consider a production function ( f(x) = 2x^2 + 5x + 3 ) where ( x ) represents the number of units produced. If the marginal product of labor is 10 units when \( x = 4 \), what is the value of the average product of labor?
A. 15
B. 20
C. 25
D. 30
Question 2
A firm's revenue function is given by R(x) = 2x^2 + 5x + 1. If the firm's marginal revenue is 10, find the value of x.
A. 1
B. 2
C. 3
D. 4
Question 3
A consumer's utility function is given by U = 2x + 3y. If the consumer's budget constraint is 2x + 3y = 12, what is the consumer's optimal bundle of x and y?
A. (2, 4)
B. (4, 2)
C. (6, 0)
D. (0, 6)
Question 4
A firm's \cost function is given by C = 2L + 5K, where L is labor and K is capital. If the firm's revenue function is given by R = 10Q, where Q is output, find the firm's profit-maximizing level of output.
A. Q = 10
B. Q = 20
C. Q = 30
D. Q = 40
Question 5
A firm's revenue function is given by R(x) = 3x^2 - 2x + 1. If the firm produces 15 units, what is the total revenue?
A. 500
B. 550
C. 600
D. 650
Question 6
A consumer's budget constraint is given by 2x + 3y = 1000. If the consumer's utility function is U(x, y) = 2x + 3y, what is the consumer's optimal bundle?
A. 500, 333
B. 333, 500
C. 250, 333
D. 333, 250
Question 7
The concept of utility in consumer behavior suggests that consumers make rational decisions based on the satisfaction they derive from consuming goods and services. Which of the following is a correct example of a utility-maximizing decision?
A. A consumer chooses to buy a more expensive product because it is perceived to be of higher quality.
B. A consumer chooses to buy a product that provides the greatest satisfaction at the lowest price.
C. A consumer chooses to buy a product that is recomm\ended by fri\ends and family.
D. A consumer chooses to buy a product that is on sale.
Question 8
A firm's production function is given by Q = 2L^\( 1/2 \)K^\( 1/2 \). If the firm's current inputs are L = 16 and K = 9, what is the marginal product of labor?
A. 4
B. 6
C. 8
D. 10
Question 9
A consumer's utility function is given by \( U = 2x + 3y \), where ( x ) and ( y ) are the quantities of two goods consumed. The prices of the two goods are \( p_x = 2 \) and \( p_y = 3 \). Find the consumer's budget constraint.
A. 2x + 3y = 6
B. 2x + 3y = 12
C. 2x + 3y = 18
D. 2x + 3y = 24
Question 10
A firm's production function is given by Q = 2L^2 + 5K, where L is labor and K is capital. If the firm's budget constraint is given by 2L + 3K = 100, find the optimal level of labor and capital.
A. L = 10, K = 20
B. L = 20, K = 10
C. L = 15, K = 25
D. L = 25, K = 15
Question 11
A firm's total revenue function is given by TR = 100x - 2x^2. If the firm's current output is x = 10, what is the firm's marginal revenue?
A. 80
B. 90
C. 100
D. 110
Question 12
Agricultural industrialization in Nigeria has been hindered by the lack of infrastructure. Which of the following is a correct example of infrastructure that would facilitate agricultural industrialization?
A. Construction of new roads and highways.
B. Development of irrigation systems.
C. Establishment of storage facilities.
D. Creation of new markets.
Question 13
In a perfectly competitive market, the supply curve is upward-sloping and the demand curve is downward-sloping. What is the effect of an increase in the price of a complementary good on the demand for a product?
A. The demand for the product increases.
B. The demand for the product decreases.
C. The demand for the product remains unchanged.
D. The demand for the product becomes perfectly inelastic.
Question 14
A firm's production function is given by ( f(x) = 2x^2 + 5x + 3 ). If the firm's current output is 10 units and the marginal product of labor is 10 units, what is the value of the average product of labor?
A. 15
B. 20
C. 25
D. 30
Question 15
A firm's \cost function is given by C(x) = 2x^2 + 5x + 10. If the firm produces 20 units, what is the marginal \cost?
A. 45
B. 50
C. 55
D. 60

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